RESIDENTIAL

The Meyerise sold 70% of its units, and The Luxurie sees 82% take-up

The preview for The Meyerise and the official launch of The Luxurie received positive responses. Located at District 15 Meyer Road, the 239-unit freehold The Meyer sold 70% of the 120 units released during its launch, at prices between $1,400 psf and $2,540 psf. 90% of the buyers were Singaporeans and PR, and almost half of the units sold were three-bedroom units. Over at Sengkang, 99-year leasehold The Luxurie sold more than 180 units out of the 220 units launched at an average price of $980 psf. The penthouse and groundfloor units have all been bought.

Two residential redevelopment sites in District 10 up for sale via a tender

Along Sixth Avenue, the freehold Dynasty Garden has been put up for sale with an indicated price of $105 million ($1,432 psf). Housing 33 walk-up apartments with unit sizes between 97 sq m and 242 sq m, Dynasty Garden has a land area of 6,809.8 sq m (around 73,300 sq ft). The current owners are expected to receive between $2.8 million and $5.4 million from this sale. Adjoining to Dynasty Garden, 21 Lim Tai See Walk, which has a land area around 12,691 sq ft, is also up for sale with an indicated price of $17 million ($1,340 psf). The combination of Dynasty Garden and 21 Lim Tai See Walk will give a total land area of 85,991 sq ft. Zoned for ‘three-storey mixed landed’, the combined sites can house a total of 52 strata terrace houses or 38 strata semi-detached houses. Tenders for both sites will end at 4pm on 5th October.

99-year leasehold Park West up for enbloc sale with asking price of $803 million

Situated at Jalan Lempeng in Clementi, the 99-year leasehold prime residential site Park West has been put up for collective sale with an asking price of $803 million (around $603 psf ppr). The site has a remaining lease of 70 years and a total site area of about 633,644 sq ft. Currently housing 432 residential and four commercial units, the site, which has a plot ratio of 2.1 and a GFA of around 1,330,653 sq ft, can be redeveloped into 25-storey blocks that contain around 1,000 to 1,100 units of 1,200 sq ft each. The tender for the site ends at 3.30 pm on 20th October.

Arc at Tampines and A Treasure Trove see brisk take-up

Two 99-year leasehold residential developments – Arc at Tampiness and A Treasure Trove – saw positive responses during their launches. Along Tampiness Avenue 8, 220 units of 574-unit EC Arc at Tampines were sold for $722 psf on average. Situated near to Punggol MRT station, around 210 units out of the 300 released units of 882-unit private condo project A Treasure Trove were sold at an average price of $866 psf. The project consists of two bedders and four bedders units with sizes up to 1,658 sq ft, and 42 penthouses between 1,528 sq ft and 4,876 sq ft.

Redas suggests government to use reserve list to moderate land supply; City Developments predicts slight fall in home prices in next few months

Redas hopes that the government will moderate land sales through the reserve list and also make prompt reviews regarding the various cooling measures and policies. As land sales under the confirmed list were terminated in H1 2009 and H2 2009 in order to prevent oversupply, Redas is afraid that similar situation might take place in 2011 under the economic downturn. As for situations in the upcoming months, City Developments mentioned that home prices are likely to decrease slightly and a clearer picture of how the market will be heading will be revealed in three to six months time.

 

COMMERCIAL

Upper Serangoon site drew only 3 bids and a lower-than-expected top bid of $270.3 million;  2 to 8 Robin Road up for sale with asking price of $58 million

A 99-year leasehold housing site located at Upper Serangoon drew only three bids in a state tender. The top bid of $270.3 million ($291 psf ppr) submitted by Allgreen Properties was not only the lowest land price in psf term achieved since 2009, it was also below analysts’ expectation; analysts expected top bid of $300 psf ppr to $450 psf ppr. Credo Real Estate mentioned that the gloomy economic conditions have affected developers’ confidence in bidding for GLS residential sites. At Robin Road, a potential boutique freehold development 2 to 8 Robin Road has been put up for sale with asking price of $58 million ($1,782 psf ppr). Zoned for residential development, the site has a land area of approximately 23,084 sq ft and a gross plot ratio of 1.4. Tender for the site will end at 2.30pm on 5 October.

A few mid-sized investment property deals sealed recently: The Saff Hotel sold for $42.1 million and 182 Clemenceau Avenue sold for around $74 million

The Saff Hotel at Keong Saik Road and 182 Clemenceau Avenue are two among the few mid-sized property investment sale deals sealed lately. The Saff was sold for about $42.1 million ($1600 psf on existing GFA) to Hind Group. Similarly, the six-storey office block 182 Clemenceau Avenue was sold for approximately $74 million ($1,600 psf on its NLA). The site, which has a remaining lease of around 80 years, is located near Dhoby Ghaut MRT station. The buyer is said to be a consortium of Asia-based private investors.

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